1. Field of the Invention
The present invention relates generally to on-line trading and, more Particularly, to opening a new on-line brokerage accounts for on-line trading.
2. Discussion of the Related Art
To open a conventional brokerage account, a user is required to obtain a paper copy of a brokerage account application, complete the application by handwriting or typing the information into the fields of the application, and sign and mail the completed application to the brokerage firm for processing. This process is very time consuming. Indeed, it can be at least one week before the brokerage firm receives the account application. During this time, prospective customers are unable to access the tools, such as on-line research, available at the web site of the brokerage firm until their application is processed and approved. This waiting period can be frustrating for prospective customers.
To expedite the process of opening new brokerage accounts, some brokerage firms have established websites from which prospective customers can download and/or print an account application. However, the prospective customers are still required to complete the application by handwriting or typing the information and then mail the completed application to the brokerage firm for processing. The process is still very time consuming and fails to take advantage of web-based processes which can speed up the account application process.
Currently opening an on-line brokerage account is a slow process which causes the prospective customers to sit idle while waiting for a notification that their account has been approved. Thus, a need exists for a method and apparatus to facilitate opening of on-line brokerage accounts.